BNY Mellon Sued Over ForEx Transactions—Again

For the second time in a month, Bank of New York Mellon has been sued by pension plan participants who claim the company’s foreign exchange transactions skimmed millions off of their retirement savings (Hartline v. Bank of N.Y. Mellon, S.D.N.Y., 1:16-cv-00228, complaint filed 1/12/16).

The newest class action complaint, filed Jan. 12 by a participant in the Sheet Metal Workers’ National Pension Fund, comes two weeks after similar claims were raised by participants in the Central States, Southeast and Southwest Areas Pension Fund, as well as participants in a defined benefit plan sponsored by Owens Corning and a ...